Zacks Investment Research Downgrades CubeSmart (CUBE) to Sell

CubeSmart (NYSE:CUBE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday, July 21st.

According to Zacks, “CubeSmart is a self-administered and self-managed real estate company focused on the ownership, operation, acquisition and development of self storage facilities in the United States. Its self storage facilities are designed to offer storage space for residential and commercial customers. CubeSmart, formally known as U-Store-It Trust, is based in Wayne, Pennsylvania. “

Several other equities analysts have also recently weighed in on the company. Jefferies Group LLC restated a “buy” rating and issued a $31.00 price objective on shares of CubeSmart in a report on Tuesday, April 18th. Citigroup Inc. restated a “neutral” rating and issued a $27.00 price objective (down previously from $29.00) on shares of CubeSmart in a report on Thursday, May 11th. BidaskClub upgraded CubeSmart from a “strong sell” rating to a “sell” rating in a report on Wednesday, July 19th. Bank of America Corporation cut CubeSmart from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $27.75 to $25.00 in a report on Thursday, July 20th. Finally, Cantor Fitzgerald decreased their price objective on CubeSmart from $30.00 to $29.00 and set an “overweight” rating for the company in a report on Monday, May 22nd. Three equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $28.57.

Shares of CubeSmart (NYSE:CUBE) traded down 2.28% during trading on Friday, hitting $23.52. The stock had a trading volume of 1,806,159 shares. The company has a market cap of $4.24 billion, a P/E ratio of 40.62 and a beta of 0.19. The stock’s 50-day moving average price is $24.06 and its 200-day moving average price is $25.31. CubeSmart has a one year low of $22.83 and a one year high of $28.61.

CubeSmart (NYSE:CUBE) last released its quarterly earnings results on Thursday, July 27th. The real estate investment trust reported $0.39 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.38 by $0.01. The firm had revenue of $138.60 million for the quarter, compared to the consensus estimate of $138.07 million. CubeSmart had a return on equity of 6.65% and a net margin of 20.36%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the business posted $0.36 EPS. On average, equities research analysts forecast that CubeSmart will post $0.68 EPS for the current fiscal year.

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Several large investors have recently modified their holdings of CUBE. Vanguard Group Inc. increased its stake in CubeSmart by 2.7% in the first quarter. Vanguard Group Inc. now owns 27,937,327 shares of the real estate investment trust’s stock worth $725,254,000 after buying an additional 735,099 shares during the last quarter. BlackRock Inc. increased its stake in CubeSmart by 5.4% in the second quarter. BlackRock Inc. now owns 12,780,418 shares of the real estate investment trust’s stock worth $307,242,000 after buying an additional 650,691 shares during the last quarter. Bank of New York Mellon Corp increased its stake in CubeSmart by 12.9% in the second quarter. Bank of New York Mellon Corp now owns 11,672,676 shares of the real estate investment trust’s stock worth $280,612,000 after buying an additional 1,335,665 shares during the last quarter. Lasalle Investment Management Securities LLC increased its stake in CubeSmart by 5.9% in the second quarter. Lasalle Investment Management Securities LLC now owns 10,264,646 shares of the real estate investment trust’s stock worth $246,762,000 after buying an additional 569,240 shares during the last quarter. Finally, Cbre Clarion Securities LLC increased its stake in CubeSmart by 62.1% in the second quarter. Cbre Clarion Securities LLC now owns 6,324,509 shares of the real estate investment trust’s stock worth $152,041,000 after buying an additional 2,423,464 shares during the last quarter.

CubeSmart Company Profile

CubeSmart operates as a self-managed and self-administered real estate company. The Company focuses on the ownership, operation, management, acquisition and development of self-storage properties in the United States. Its self-storage properties are designed to offer storage space for its residential and commercial customers.

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